A relatively simple yet very significant way for anyone, whether a friend or alumnus, to benefit the school and future generations is through the process of bequests. By offering a gift that costs you nothing during your lifetime, you can create meaningful changes in the lives of others.
Including the school in your will is a significant investment in the education of young people and the future of our school.
Bequests can be made in various ways. Some options include allocating a monetary amount or property assets, a full or partial bequest, or renouncing inheritance rights in favor of the College. In certain cases, heirs may face high taxes. For such cases, it is possible to renounce the inheritance in advance in favor of The American College of Greece.
Regardless of the bequest's size, The American College of Greece acknowledges donors once informed by the relevant legal or notarial office that the registered will contains a bequest or codicil in favor of the school. The bequest's amount becomes known to the organization upon unsealing the will or its publication unless the donor wishes the donation to be disclosed earlier.
Bequests may be directed toward the College in general or toward specific actions (e.g., scholarship funds, support for new programs at Pierce, Deree, or Alba). If the donor wishes to include a specific purpose or condition for the bequest in their will, the College requests that the specified deadline for implementing the donation not exceed thirty years and that it includes a clear statement allowing the bequest to be redirected by the Board of Trustees for other purposes should fulfilling the conditions become infeasible.
There are several types of bequests through which someone can leave their mark on the school, including:
1. Monetary Bequests: The College is designated as the beneficiary of a specified amount.
2. Property Bequests: The College is designated as the beneficiary of specific stocks, bonds, real estate, or the contents of a safe deposit box, etc.
3. Partial Bequests: The College is designated as the beneficiary of a percentage of the bequeathed assets, with another institution or individual sharing the inheritance.
4. Full Bequests: The College is designated as the general heir, potentially after deducting certain amounts or expenses for third parties.
5. Bequest with Retained Right of Residence for Another Beneficiary: The College becomes the heir to a property only after another beneficiary's passing, who retains lifetime residency rights.
6. Assignment of Asset Rights: For certain contracts, such as mutual funds, the College can be designated as the alternate beneficiary.
7. Renunciation of Bequest in Favor of the College: Heirs unwilling to accept an inheritance due to high taxes can preemptively renounce the bequest in favor of the College, coordinating with the institution to explore solutions that might bring other benefits to the renouncing heir.
Proper drafting of the relevant bequest document can ensure tax benefits for heirs. The College can collaborate with you or your legal advisor to establish a bequest or explore alternative donation methods.
The College is available to assist donors or their legal representatives in exploring alternative solutions.
The College is committed to absolute confidentiality regarding the intention or execution of a donation (whether during the donor’s lifetime or posthumously) until the donor consents to its disclosure.
A donation, whether during a donor's lifetime or posthumously, can be labeled as an "Anonymous Donation" if the donor expresses this wish, either indefinitely or for a specified period.
The intention to donate can be disclosed by the donor or their legal representative to the President or Board of Trustees, the College’s Advancement and Alumni Affairs Department, or the College’s Legal Counsel, all of whom are bound by the same confidentiality obligations.
The 1875 Society recognizes and honors all individuals who provide support to The American College of Greece through a bequest. We acknowledge the vital role benefactors have played in the College's nearly 150 years of existence, shaping it into a distinguished educational institution. As a member of the 1875 Society, you will be invited to exclusive events. The College will publicly acknowledge all members who expressly permit their names to be mentioned and will respect the wishes of donors who prefer to remain anonymous.
All College donors are listed in the annual Honor Roll of Donors, including the names of benefactors and major donors, available for public access.
The Society is named after the year the school was founded. In June 1875, in Smyrna, the most cosmopolitan city of the Ottoman Empire, Maria West, a missionary from Boston, founded The American College of Greece. Her mission was to educate the city's young girls, dedicating herself to this task with remarkable effectiveness. Nearly 150 years later, the school has changed locations, buildings, staff, and students, yet it continues with the same passion, believing in education's transformative power.
